Brother of former Coinbase exchange manager pleaded guilty to insider trading

The brother of a former product manager for one of the largest exchanges, Coinbase, Nikhil Wahi, 26, has pleaded guilty in an insider trading case.

At a recent insider trading court hearing, Vahi admitted to committing fraud using several anonymous Ethereum wallets. 

He also revealed that his brother Ishan Wahi (the same one who is a former product manager at Coinbase) revealed six crypto assets that were supposed to appear in the listing announcement on April 11, 2022. Ishan gave this information to another person, Samir Ramani.

Prosecutors claim that the three managed to raise 1.5 million dollars on the case. And after Coinbase spotted someone using trade secrets for personal gain, the exchange called everyone into a disciplinary meeting. At this point, Ishan took a ticket to India (he didn't take a return ticket) and told management that he had already flown out and couldn't attend, even though the flight wasn't until a day later.

The indictment of Michael Driscoll, Assistant Director of the FBI, & U.S. Attorney Damian Williams, did not mention six crypto-assets, but as many as 25, which were manipulated with knowingly known insider information.

After this incident, Coinbase has immeasurably tightened its policy regarding insider trading. Namely, the number of people who can even, in theory, know about upcoming listings is drastically limited. I guess from now on, Alcatraz doesn't keep as much surveillance on inmates as Coinbase does on product managers :D.

But u know what could be cooler than keeping tabs on product managers?

The only thing is watching your own cryptocurrency portfolio in our Moni app. Hurry up and check it  because either you're watching your crypto, or the SEC is watching it :D.